UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $83.65 Million Position in Reddit Inc. $RDDT

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Reddit Inc. (NYSE:RDDT) by 8.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 481,893 shares of the company’s stock after acquiring an additional 39,540 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Reddit were worth $83,647,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Royal London Asset Management Ltd. grew its holdings in Reddit by 4.9% during the second quarter. Royal London Asset Management Ltd. now owns 87,337 shares of the company’s stock valued at $15,160,000 after purchasing an additional 4,061 shares during the period. Van ECK Associates Corp boosted its position in shares of Reddit by 14.4% during the second quarter. Van ECK Associates Corp now owns 28,373 shares of the company’s stock worth $4,925,000 after purchasing an additional 3,568 shares in the last quarter. Nissay Asset Management Corp Japan boosted its position in shares of Reddit by 16.1% during the second quarter. Nissay Asset Management Corp Japan now owns 17,114 shares of the company’s stock worth $2,971,000 after purchasing an additional 2,379 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after buying an additional 280,030 shares during the period. Finally, VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 2nd quarter valued at $433,429.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00. Following the completion of the transaction, the chief executive officer owned 336,432 shares of the company’s stock, valued at $49,798,664.64. This represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. This represents a 6.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 210,102 shares of company stock worth $36,375,252 in the last 90 days. 28.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on RDDT. Morgan Stanley reduced their target price on Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, August 21st. KeyCorp started coverage on Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target for the company. B. Riley Financial raised their price target on Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price objective (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Finally, DA Davidson reissued a “buy” rating and set a $200.00 target price on shares of Reddit in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

Reddit Trading Up 9.3%

Shares of NYSE RDDT opened at $158.05 on Thursday. The company has a fifty day moving average price of $170.88 and a 200 day moving average price of $158.72. The firm has a market cap of $30.41 billion, a PE ratio of 36.76, a PEG ratio of 0.67 and a beta of 2.02. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company’s revenue for the quarter was up 61.0% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts forecast that Reddit Inc. will post 5.27 EPS for the current year.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.